Microsoft plans $25 billion bond sale in 10 tranches, with rates up to 6.35%

On 3 November, Microsoft was reported to be planning a $25 billion bond sale. The offering is split into 10 tranches, with interest rates going up to 6.35%.

What happened

The bonds have maturities ranging from 2028 to 2066. Of the total, $6 billion would come from floating-rate bonds and $19 billion from fixed-rate bonds. The 10 tranches have different interest rates and maturity dates.

Adani Group is seeking about $1.5 billion for data center financing. Lenders are discussing a five-to-seven-year offshore facility. The financing is under discussion with lenders.

In the technology sector, semiconductor designer Marvell Technology plans to take over laser specialist Lumentum Holdings. The deal is valued at $115 billion in enterprise value. A commentary published on 2 November argues that the timing chosen for the announcement is unfavorable.

On the earnings side, Intesa Sanpaolo's results for the same day showed EPS of 0.15 EUR against an estimate of 0.15 EUR. Revenue was 6.97 billion EUR against an estimate of 7 billion EUR.

Why it matters

The Microsoft plan shows how a large issuer can combine floating-rate and fixed-rate debt in one offering. Its maturities run from 2028 to 2066, with $6 billion in floating-rate bonds and $19 billion in fixed-rate bonds.

The Marvell and Lumentum transaction carries a $115 billion enterprise value. The Adani financing, at about $1.5 billion, is still under discussion with lenders and is structured as an offshore facility of five to seven years.

Funding conditions for young companies look different. Late-stage and angel funding in India have fallen sharply from their peaks. Tighter investment criteria, competition from US AI companies and regulatory changes are reshaping India's startup financing landscape, and capital is shifting to the US.

For investors, these items show how issuers are raising capital through bonds, loans and acquisitions, and under which terms each one has been disclosed.

What to watch next

The Microsoft offering covers 10 tranches, so the terms of each maturity will define the final structure, with 6.35% reported as the highest interest rate. For Adani, the five-to-seven-year offshore facility remains under discussion with lenders.

For Marvell and Lumentum, further details of the $115 billion takeover plan are still to come. Investors will also follow new data on startup funding in India, where late-stage and angel rounds have declined from their peaks.